“One person close to the matter said Walgreens elected not to pursue an inversion as it calculated that it would face greater scrutiny than others, since it was a consumer facing company,” said the FT. Scrutiny was indeed closing in on Walgreens with the Obama administration hinting it would bypass Congress and use the president’s executive powers to stop tax inversion.

Opined Britain’s Sky News, which broke the story: “The news will represent a significant victory for President Obama, who said recently that U.S. companies which moved their headquarters overseas to save tax were damaging the country’s economy.”

U.S. hedge funds and private equity firms who pushed Walgreens to undergo a tax inversion are likely to view the news rather differently.